Marc Fagel says Ripple and SEC dropping appeals will finalize Judge Torres’ ruling, ending her role in the XRP lawsuit with a $125M fine and injunction.
Former SEC counsel Marc Fagel has reaffirmed that Judge Analisa Torres will not play any further role in the XRP lawsuit as it develops. Fagel’s statement is released in the context of increasing anticipation for a potential Ripple case settlement, in which the SEC has not yet withdrawn its appeal.
Marc Fagel elucidates the restricted role of Judge Torres in the XRP lawsuit
A former SEC counsel, Marc Fagel, recently published a post on X that provided insight into Judge Analisa Torres’s limited involvement in the ongoing XRP lawsuit proceedings. He also stated that Judge Torres’ previous order against Ripple will be enforced upon both parties’ withdrawal of appeals. The post stated,
The parties can drop their appeals, at which time her order against Ripple takes effect. Judge Torres has no further role in this.
Brad Garlinghouse has declared the withdrawal of Ripple’s appeal against the SEC; however, Fagel contends that the platform has not yet submitted the filing. Fagel refuted the XRP community’s discussion regarding Ripple’s appeal dismissal, asserting that no such filing had been submitted to the tribunal.
Additionally, Fagel conjectured that, even though neither party had submitted a motion to terminate their appeals, it was probable that they would do so. This served to clarify the situation further. “They are certain to do so,” declared the former SEC counsel. Fagel clarified that Judge Torres had a minimal influence on the future developments of the XRP lawsuit.
Neither party has filed to dismiss their appeals… but once they do (and they pretty obviously will), the district court’s ruling against Ripple goes into effect. There is nothing further for Judge Torres to sign off on.
Is the SEC Meeting on July 3 of paramount importance in the Ripple vs SEC case?
Rumors are circulating that the XRP litigation is about to undergo a significant transformation, as the SEC has scheduled a private meeting for today. Nevertheless, Marc Fagel refutes these allegations, stating that the meeting is a standard weekly occurrence.
Fagel believes that the Ripple case is less likely to be influenced by the SEC meeting. On X, he composed,
Very, very unlikely. The meeting agenda was set well before the district court ruled against vacating the injunction. It typically takes several weeks for a matter to get on the SEC agenda for a vote. Is it possible? Sure, anything’s possible. But would be very unusual.
Although Fagel anticipates that the appeal dismissal and resolution in the Ripple vs SEC case may require weeks or even longer, he also acknowledges that an expedited process is a realistic possibility. His reference to an expedited procedure is predicated on the fact that a previous vote for dismissal has already occurred. He observed that “the SEC approval process is not an overnight process.” It typically requires several weeks, or even months. The process could be accelerated, as they have previously voted to dismiss the appeal.
